﻿<!DOCTYPE html>
<html>
	<head>
		<title>PV Function</title>
		<meta charset="utf-8" />
		<meta name="description" content="" />
		<link type="text/css" rel="stylesheet" href="../../../../../../common/main/resources/help/editor.css" />
		<link type = "text/css" rel = "stylesheet" href = "../../images/sprite.css" />
        <script type="text/javascript" src="../callback.js"></script>
        <script type="text/javascript" src="../search/js/page-search.js"></script>
	</head>
	<body>
		<div class="mainpart">
            <div class="search-field">
                <input id="search" class="searchBar" placeholder="Search" type="text" onkeypress="doSearch(event)">
            </div>
			<h1>PV Function</h1>
			<p>The <b>PV</b> function is one of the <a href="../UsageInstructions/InsertFunction.htm#financial" onclick="onhyperlinkclick(this)">financial functions</a>. It is used to calculate the present value of an investment based on a specified interest rate and a constant payment schedule.</p>
			<h3>Syntax</h3> 
			<p><b><em>PV(rate, nper, pmt, [fv], [type])</em></b></p> 
			<p>The <b>PV</b> function has the following arguments:</p> 
			<table style="width: 40%">
				<tr>
					<th style="background-color: #f4f4f4" width="150ch"><b>Argument</b></th>
					<th style="background-color: #f4f4f4"><b>Description</b></th>
				</tr>
				<tr>
					<td><b><em>rate</em></b></td>
					<td>The interest rate.</td>
				</tr>
				<tr>
					<td><b><em>nper</em></b></td>
					<td>The number of payments.</td>
				</tr>
				<tr>
					<td><b><em>pmt</em></b></td>
					<td>The payment amount.</td>
				</tr>
				<tr>
					<td><b><em>fv</em></b></td>
					<td>The future value. It is an optional argument. If it is omitted, the function will assume <b><em>fv</em></b> to be 0.</td>
				</tr>
				<tr>
					<td><b><em>type</em></b></td>
					<td>A period when the payments are due. It is an optional argument. If it is set to 0 or omitted, the function will assume the payments to be due at the end of the period. If <b><em>type</em></b> is set to 1, the payments are due at the beginning of the period.</td>
				</tr>
			</table>
			
			<h3>Notes</h3>
			<p>Cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers. Units for <em>rate</em> and <em>nper</em> must be consistent: use N%/12 for <em>rate</em> and N*12 for <em>nper</em> in case of monthly payments, N%/4 for <em>rate</em> and N*4 for <em>nper</em> in case of quarterly payments, N% for <em>rate</em> and N for <em>nper</em> in case of annual payments.</p>
			<p><a href="../UsageInstructions/InsertFunction.htm#applyfunction" onclick="onhyperlinkclick(this)">How to apply</a> the <b>PV</b> function.</p>
			
			<h3>Examples</h3>
            <p>The figure below displays the result returned by the <b>PV</b> function.</p>
			<p><img alt="PV Function" src="../images/pv.png" /></p>
		</div>
	</body>
</html>